Minnesota Statutes 524.2-704 – Power of Appointment; Meaning of Specific Reference Requirement
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If a governing instrument creating a power of appointment expressly requires that the power be exercised by a reference, an express reference, or a specific reference, to the power or its source, it is presumed that the donor‘s intention, in requiring that the donee exercise the power by making reference to the particular power or to the creating instrument, was to prevent an inadvertent exercise of the power and an attempt to exercise the power by a donee who had knowledge of and intended to exercise the power is effective.
Terms Used In Minnesota Statutes 524.2-704
- Donee: The recipient of a gift.
- Donor: The person who makes a gift.